For the quarter ended March 31, the parent to Candie’s, Bongo, Material Girl, Joe Boxer, Danskin, London Fog etc. posted earnings of 72 cents a share ahead of analysts’ estimate for 63 cents a share. Included in the results was a non-cash gain of about $38 million
before taxes related to the re-measurement of the company’s initial investment in Iconix Latin America in conjunction with its acquisition of the remaining 50% from its joint venture partner.
Net sales grew 10.5% to $116.1 million ahead of analysts’ forecast for $109.22 million in sales.
“With record results in the first quarter, 2014 is off to a strong start,” said Neil Cole, chairman/ceo. “Through our diversified portfolio of brands and expanding global footprint we continued to achieve strong growth. As we look ahead, we believe we can continue to deliver significant value to our company and shareholders through a combination of organic growth driven by international expansion and Peanuts initiatives, as well as, additional acquisitions of global iconic brands.”
Iconix raised its full year earnings forecast to $2.50 to $2.60 a share, up from the previous forecast for $2.19 to $2.29. Annual sales should be in the range of $450 million to $460 million, up from an earlier projection for $440 million to $455 million.
Analysts’ estimate for full year earnings is for $2.58 a share on sales of $450.73 million.